Traditional banks officially caught the summer’s blockchain fever, in part propelled by the cryptocurrency boom. Quartz reported some of the world’s largest banks, including Barclays, HSBC and the Swiss banking giant UBS, recently started exploring ways to build a paywall with blockchain technology, the same distributed ledger technology behind innovations like bitcoin. Then last week the US Federal Reserve indicated it might also update outdated infrastructures with new systems using DLT and cryptocurrency-powered financial transactions.
Most American banks leading the blockchain charge, like JPMorgan Chase, are still primarily studying and testing the new use cases for now. But there are many places around the world where blockchain technologies already conduct daily banking transactions.
The leading banks in both Israel and India recently announced blockchain-centric partnerships with Silicon Valley powerhouses like Ripple and Microsoft. These countries are starting to show the world what a blockchain-powered economy could look like.
Navin Gupta, Ripple’s new Country Manager at the Mumbai office of Ripple India, said Ripple’s technology will be enabling multiple use cases throughout India by the end of the year. Both Axis Bank and Yes Bank are already working with Ripple’s blockchain network. Gupta said there are ongoing talks with several other Indian banks and financial service providers.